SOURCE: ARC Document Solutions, Inc.
WALNUT CREEK, CA--(Marketwired - Jan 30, 2014) - ARC Document Solutions, Inc. (NYSE: ARC), the nation's leading document solutions company for the architecture, engineering, and construction (AEC) industry, today said that it expects to report sales of approximately $407 million for fiscal year 2013, compared to $406.1 million in 2012, after a four percent year-over-year sales increase in the fourth quarter. The company also expects to report adjusted annual earnings per share of approximately eight cents for full year 2013, compared to negative four cents in 2012.
"Our year-over-year sales improvement in the fourth quarter exceeded our expectations and reflects the strength of our newest business lines," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "While we anticipated margin expansion in 2013, our sales gains in the third and fourth quarters were welcome additional improvements. When we also consider our improved capital structure as a result of the new loan, the acquisition of a major MPS account in the fourth quarter, and increasing interest in our AIM offering, we ended the year on high note."
Management said that the company's 2013 annual performance was independent of the refinancing activity completed in the fourth quarter of 2013. On December 20, 2013, the company replaced its 10.5% high yield bonds with a Term B Loan facility at LIBOR plus 5.25%, which will be significantly accretive to future earnings.
ARC executives will be available for comment during the 2013 fourth quarter and year-end earnings call scheduled for February 25, 2014. The earnings call will provide details on the Company's financial and operational performance for 2013, and projections for 2014.
About ARC Document Solutions (NYSE: ARC)
ARC Document Solutions is a leading document solutions company serving businesses of all types, with an emphasis on the non-residential segment of the architecture, engineering and construction industries. The Company helps customers all over the world reduce costs and increase efficiency in the use of their documents, improve document access and control, and offers a wide variety of ways to print, produce, and store documents. ARC provides its solutions onsite in more than 7,000 of its customers' offices, offsite in service centers around the world, and digitally in the form of proprietary software and web applications. For more information please visit www.e-arc.com.
This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words such as "expectations," "consider" "anticipated," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.